HSBC is laying off 10,000 employees worldwide.
In 2007, the Canadian unit of HSBC Finance closed a fifth of its branches, laid off 300 employees, and shutdown 30 of its 140 branches across Canada as “tightened up its credit criteria.”
Usually, the retail sector takes the big hit with job cuts when summer ends, but those layoffs may come early as consumers are forced to make significant changes to their spending habits.
We can thank the Americans for their lack of control on their spending, which has contributed to the lagging consumer confidence.
Additionally we can thank the opposition to the HST who are fighting a tax designed to assist us in affording the programs we need in this province. Without the HST, more jobs will be lost.
Reforms are needed to resolve the systemic problems with our government spending habits. They should — but this will be a bold move in redesigning the way core and essential services are provided.
Reforms would serve vulnerable individuals better than spending our way out of the next recession wave, which will only be more of the same programs at higher costs.
Real reforms that make sense moving into the future will make us more competitive in areas of education and private-sector job growth.
In addition, the global financial challenges has started the dialogue as to how we can provide services without going broke. Regardless of your opinion, the conversation has started, and that is a good thing.
We have a revenue problem, and layoffs are shortsighted answers that will ultimately harm our fragile economy.